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Jewellery trade body demands scrapping of 80:20 scheme; gold import duty cut to 2%

Jul 01, 2014    

Mumbai: The All India Gems and Jewellery Trade Federation (GJF) in its wishlist for the upcoming Union Budget, asked the Finance Minister to abolish 80:20 rule for gold import and cut import duty to 2 percent.

The national trade federation for the promotion and growth of trade in gems and jewellery sector urged that the 80:20 rule for gold import, which allows only the nominated agencies to import gold on the condition that 20 percent of the imported shipment will be exported, GJF Chairman Haresh Soni said in a statement.

"The 80:20 rule is the bigges...

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